To make it possible for voluntary retirement savings to keep up with inflation, the various numerical limits embedded within qualified retirement plans are indexed for inflation.
The new year is a perfect time to review and update your financial resolutions. Here are some things to consider as you plan for 2021 and beyond.
It doesn’t matter what your financial status is or if you’re married, single, or have children. A will is a necessity.
Learn more about IRAs and how best to manage yours.
A study of adult development has been carried out at Harvard for roughly the last century. Three groups have been tracked: 268 Harvard graduates born about 1920; 90 middle-class gifted women born about 1910; and 456 social disadvantaged men from inner cities born about 1930. Some of the results of the study were reported in Business Insider.
Reportedly, only one-third of parents with a minor child have a will in place. One obstacle seems to be the naming of a guardian for the child in the event that a parent dies while the child is a minor.
Facts of life: Most retirees will be single for some period of time, and most of those singles will be women. Throughout the life cycle, financial planning for singles differs from planning for couples. Obviously, there is only a single set of assets to work with, and no surviving spouse to plan for. Less obviously, taxes are higher for singles, and they have no partner to fall back upon in case of adversity.
As important as estate planning is, that has long been a hard sell for most Americans. A 2017 survey by Caring.com revealed that only 42% of U.S. adults had a will or a living trust in place.